Mt. Gox Victims to Be Reimbursed

A Japanese court pulled the Mt. Gox cryptocurrency exchange out of bankruptcy, allowing $1 billion worth of crypto to be given back to the victims of the infamous Mt. Gox hack.

In 2014, Mt. Gox was on top of the crypto world, being the biggest bitcoin exchange at that time. Early that year, the whole exchange crashed when 850,000 bitcoins—worth $473 million at that time—was stolen from it in a crazy cyber attack.

200,000 of the stolen bitcoin were found and frozen ever since.

The Tokyo District Court decided to unfreeze the assets, pulling the exchange out of bankruptcy. The exchange will now be allowed to reimburse the victims of the attack. The assets are now worth around $1.2 billion.

Mt. Gox’s then-CEO Mark Karpelès is relieved to hear the news:

“I hope entering civil rehabilitation will be for the best of everyone. As I said previously I am not expecting any kind of profit from this and only hope everyone will be repaid as much as possible as soon as possible.”

He then added that creditors have worked hard to seek this civil rehabilitation so he shall continue helping them to the best of his abilities.

However, they cannot expect that the payouts be given immediately. A claiming procedure should be followed wherein creditors have to submit proof of the crypto they owned.

The distribution of the assets is due on February 14, 2019. The company also clarified that while Mt. Gox is out of bankruptcy, it does not mean that it will be resuming operations.